888 Holdings, a leading global gambling company, has updated its strategy for sustainable gambling creation. More details, the holding said, would be shared at its Capital Markets Day (CMD).
888 Will Discuss Its Future
The CMD event, according to 888, would feature several presentations from its executive, who will shed light on the company’s updated strategy. In addition, the event will see the leaders talk about the holding’s current priorities and financial ambitions.
888 will use the CMD event to publicly set its financial targets for 2025. The company has teased that it expects revenue of more than $2.4 billion, an AEBITDA margin of over 23% and an adjusted net debt of less than 3.5x.
One of the highlights will be an update on the anticipated cost of synergies in relation to the non-US assets of William Hill, a British gambling company that 888 acquired this year. Speaking of which, the company will also announce an increase in overall anticipated cost synergies, with leaders setting the target to almost $180 million from $120 million. 888 now targets operating cost synergies of around $104 million for the next year.
The executives will also discuss the current business headwinds, the challenging environment and the group’s exposure to higher interest rates because of its debt levels.
CEO Pazner Shares His Thoughts
Itai Pazner, the company’s chief executive officer, spoke about the Capital Markets Day event. He said that the occasion is very important as it would allow 888 to speak more about its business, discuss the William Hill acquisition and share a detailed view of the holding’s direction.
Following the aforementioned acquisition, Pazner noted, 888 has significant scope for improving its operating model and bolstering efficiencies. 888 hopes to fully integrate the business within two years, resulting in a more robust organization.
We are focused on building a customer-led business with a portfolio of world-class brands that provide complementary offerings, supporting our ambitions to drive market share growth in some of the most attractive betting and gaming markets in the world.
Itai Pazner, CEO, 888 Holdings
Pazner added that this would be made possible by a scalable, unified in-house tech stack that will highlight 888’s product and content leadership strategy. He believes his company’s long-term potential to be staggering and is excited to leverage the unified tech platform to grab additional growth opportunities. 888 hopes to maintain the popularity of its brands and continue its strong growth throughout the next decade.